This episode was recorded June 11, 2021. We are posting it now in honor of Rishi's appointment as UK Prime Minister. Congrats Rishi!
Rishi Sunak is the UK's new Prime Minister. He was appointed Chancellor of the Exchequer on 13 February 2020. He was previously Chief Secretary to the Treasury from July 2019 to February 2020, and Parliamentary Under Secretary of State at the Ministry of Housing, Communities and Local Government from January 2018 to July 2019. He spent his professional career before politics in business and finance, working internationally. He co-founded an investment firm working with companies in multiple geographies and used that experience to help small and entrepreneurial British companies grow.
Timestamps:
0:00 Rishi’s First Job Waiting Tables
2:28 How did attending Stanford impact Rishi’s mindset
4:35 How do you make a safe space for people to try and fail?
6:14 Do you do post-mortems on policies?
7:47 What does the UK need to do to attract more talent?
10:08 What policies would you have done differently given hindsight?
13:32 The Removal of Entreprenuer’s Relief
15:45 How can the UK use capital gains taxes to incentivize entrepreneurship?
18:38 What can the UK do to catalyze other types of investments?
23:48 Rishi’s First Budget & How He Deals with Nerves
26:38 Hardest Part about Rishi’s Job
27:19 If you could change anything with the wave of a want, what would it be?
27:30 Where does Rishi want to be in 5 years?
In Today’s Episode with Rishi Sunak You Will Learn:
1.) Rishi's first job was waiting table in a restaurant, what were his biggest takeaways from that first job? How did Rishi's time at Stanford impact his operating mindset today? How did Rishi make his way into the world of politics following a very successful career in finance?
2.) Talent: What does the UK need to do to become a global talent hub? How can Visa programs be reformed and innovated to ensure the UK is an attractive destination for the best talent? On reflection, where has the UK done well on talent and immigration? On the flip side, what has not worked? Why? What would Rishi have done differently?
3.) Entrepreneurs Relief & Capital Gains: What is the logic behind the removal of entrepreneurs relief? Why is it inefficient in its current form? How does Rishi think about using capital gains as a tool to attract the best to build and invest in the UK? Why does Rishi believe the UK is the most attractive place to build a business from a tax perspective? How does the UK compare to the EU and US?
4.) Driving Further Investment in the UK: What worked and what did not work with regards to "The Future Fund"? What would Rishi have done differently? What can Rishi and the UK do to encourage pension funds to invest more in venture moving forward? What are some elements the public assume the government can and should do, but in reality, you cannot?
5.) Rishi Sunak AMA: What does Rishi's morning routine look like? What time does Rishi wake up? What does he have for breakfast? What does the workout routine look like for Rishi? Who is his favourite Peloton instructor? Why? What is his guilty treat food-wise? How often does he have it? How did it feel for Rishi when he delivered his first budget? Was he nervous? How does Rishi deal with nerves today?
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